23 November 2022
Even under the most challenging circumstances, it is critical to strengthen a workforce in a way that reflects an organisation’s true values, culture and growth objectives. Weathering that challenge requires innovative thinking and technology. HR can leverage technology to fill the gap between talent needs and optimize productivity to get desired increase in business growth.
Technology is more than just a tool – it’s an enabler. It can empower HR managers and deliver structured information with standardised processes. It can automate and streamline HR processes in the employee lifecycle. Every step from hiring, onboarding and training to compensation, benefits, retention and exit. In this post, we cover how tech in HR can assist businesses to thrive, survive and compete. Let’s have a look at the transforming HR tech sector and the impact that they can have on your business.
From payroll function, applicant tracking, learning and compensation management to succession planning and competency management, technology in HR can do it all. It is essential for business houses to accumulate and use technical knowledge within the aegis of a shared environment. For better clarity , we have narrowed down to the top 5 trends that might heavily influence your organisation.
The significance of data management in HR is unquestionable. HR professionals can deploy big data to understand their customers, target audience group and make decisions powered by vital information. Analytics can also assist recruiters assess potential employees and make better risk management decisions. Natural language processing technology can deliver findings on movements and interactions of employees and scrutinise efficiency. Talent analytics can help organizations analyze employee knowledge and develop proper training programs for them.
Organisations can even leverage workforce analytics to get a clearer view of pay gaps and discrepancies and promote fair salary compensation. The role of HR as an administrative function can be supported by technology to simplify administrative tasks and have a strategic impact on the organisation.
Cloud-based HR software is increasingly becoming the norm. This isn’t surprising, as it allows HR professionals to work with real-time data, store, archive and organise information such as documents in a secure location. An employee self-service model grants employees better control of their data, benefits and gives companies more effective tools to evaluate employee engagement and productivity.
Creating an employer brand requires employee advocacy. Technology can help encourage employees to become true advocates for an organization by sharing their own valuable experiences. Self-service applications, machine intelligence and e-learning approaches can deliver personalised financial-wellness education to employees at their convenience.
Data can be automatically compiled with machine learning algorithms. This can be used to construct annual reviews of employees’ financial standing and recommend short- and long-term plans. There are numerous financial wellness tools available which offer services such as budgeting tools, financial goal planning, tracking of spending, assets and financial management progress.
Marrying a technology experience with human experience may not be adequate in itself. It is also important to adopt technology-augmented processes to effectively move the needle on financial health and ensure the inflow of information and its availability to employees. This will, of course, require human resource managers and their departments to transform into strategic data managers. There is a gulf between technology adoption and the ability of HR teams to use it and the data it generates to deliver meaningful, business-transforming metrics. There is a need for critical investment decisions in technology to reap huge benefits and growth for organisations.